Bitcoin Pizza is the name given to the principal known purchase of physical goods with bitcoin.
On May 22nd, 2010, a developer named Laszlo Hanyecz made a post on Bitcointalk, the main Bitcoin forum in presence by then. Hanyecz composed:
I'll pay 10,000 bitcoins for two or three pizzas.. Like perhaps 2 large ones so I have some left over for the next day
At that point, 10,000 BTC was equivalent to around 41 USD. This equals to a Bitcoin price of around 0.0041 USD. Hanyecz's offer was taken up by another Bitcointalk client, who paid 25 USD for the two pizzas, netting an incredible 16 USD profit even at that point!
Presently, we should put this into point of view a bit and fast forward around seven years. In April 2021, Bitcoin was trading around 60,000 USD. By then, the Bitcoin Pizza transaction was worth 600,000,000 USD.
On account of this now-legendary transaction, May 22nd has since been known as Bitcoin Pizza Day.
Hanyecz acquired the coins through mining on his PC. In those days, mining on even customer grade equipment was a totally reasonable method of procuring bitcoins. From that point forward, Bitcoin mining has turned into a profoundly competitive industry. Large mining firms spend a great many dollars on creating specific mining equipment, like ASICs.
Hanyecz has stated in interviews that he doesn't regret utilizing 10,000 BTC to purchase two pizzas. In those days, Bitcoin was a dark Internet phenomenon just followed by a small bunch of devotees. Utilizing cryptocurrency to buy a physical decent appeared to be more unrealistic than it does today. By then, this transaction might have even seemed to be a bargain! Without a doubt, the world of digital currencies has progressed significantly from that point forward.
In 2018, Hanyecz involved the Bitcoin Lightning Network to buy two pizzas for 0.00649 BTC.